Griggs Farm Inc

Nonprofit profile at a glance

EIN
208198080
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Princeton, NJ, USA
Phone
6099243822
Rating
69
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Senior Citizens' Housing/Retirement Communities

Official website

Reported finances

Revenue
$744,446
Expenses
$637,045
Assets
$1,039,609
Liabilities
$155,264

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

19 people listed

Executive titles in this filing

  • ALICE K SMALL (PRESIDENT)
  • KATHLEEN K FAREWELL (VICE PRESIDENT)
  • EDWARD TRUSCELLI (EXECUTIVE DIRECTOR)

Highest reported compensation

  • EDWARD TRUSCELLI (EXECUTIVE DIRECTOR): $217,233 total reported compensation
  • JANET MCCLAFFERTY (OUTGOING FINANCE DIRECTOR): $128,032 total reported compensation
  • ALICIA DEFREITAS (FINANCE DIRECTOR): $107,308 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Provide quality one, two and three bedroom homes in a diverse community for families and households of low income offer social and supportive opportunities and ensure access to the princeton community.

What it reported doing in 2024

Griggs farm, inc owns 70 affordable low income units. The griggs farm community also includes 70 affordable ownership units managed by the municipality of princeton, and 140 market rate private ownership units. Griggs farm was developed through the federal low income housing tax credit program, all tax credits were redeemed in 2005 there are no current government subsidies and griggs farm inc's operations are financed solely from the rental income derived from its 70 units. Through careful management, we are able to hold rents to 30% of each household's gross income. Pch development corp a related nonprofit organization, manages the units and operations griggs farm is served daily via public bus transportation, enabling residents to travel to nearby jobs and shopping, downtown princeton and area malls. Griggs farm, inc works with mercer street friends to offer a twice-a-month food pantry to residents (free of charge) who are income qualified staff and volunteers, make sure that food bags are distributed to each eligible household. The food is purchased through the griggs farm inc operating budget or donated every thanksgiving. Food pantry households also receive a turkey and trimming at no cost. Griggs farm inc also provides residents with children under the age of 18 with a stipend to subsidize summer activities administered through various local enrichment programs, including the municipal recreation department a representative from the pch board of trustees and internal. Griggs farm committee works closely with the griggs farm condo association and its board to ensure constant communication there is also a community clubhouse on site for resident use. Eligible residents may participate in the food pantry and summer recreation stipend programs.

Operating model

Revenue model
Earned-program. 85% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 69
  • Transparency & Controls: 65
  • Accountability: 86
  • Sustainability: 58
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 73.3%; rating input score 73
  • Program expense ratio: 85.7%; rating input score 86
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 14.4%; rating input score 69; 69th percentile among comparable filings
  • Total-asset coverage ratio: 1.63; rating input score 58; 58th percentile among comparable filings
  • Liabilities to assets ratio: 0.15; rating input score 36; 36th percentile among comparable filings
  • Officer compensation ratio: 11.3%; rating input score 33; 33rd percentile among comparable filings

Growth

  • Program expense growth: -1.9% per year; rating input score 0; 12th percentile among comparable filings
  • Revenue growth: 3.1% per year; rating input score 100; 32nd percentile among comparable filings
  • Asset growth: -7.6% per year; rating input score 0; 4th percentile among comparable filings

Details

  • Where the money goes: 73.3% of revenue deployed · 85.7% of spending went to programs
  • Governance: 16 of 16 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $546K in reported program spending
  • Leadership: top reported pay $217K · 19 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 24 of 24 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • Related organizations: 8 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 3 of 9 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Total-asset coverage ratio scored 58/100.
  • Moderate — Sustainability: Officer compensation ratio scored 33/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 36/100.